The U.S. Department of Justice has indicted two Chinese citizens, accusing them of laundering more than $43 million in “pig butchering” scam proceeds.

Deep Tide TechFlow message. On July 17, according to an announcement from the Office of the Prosecutor for the Eastern District of New York of the U.S. Department of Justice, two Chinese citizens, Chen Zhuoying (also known as “Jolene,” 27, Brooklyn) and Zhang Haojie (also known as “Kevin,” 38, Queens), were formally indicted on July 16 in federal court in Brooklyn on charges of money laundering conspiracy.

According to the allegations, between 2020 and 2022, the two operated a money-laundering network of more than ten people in Queens and Brooklyn, using approximately 45 shell companies and 140 business bank accounts to transfer at least $43 million in “pig-butchering” investment fraud proceeds to accounts in mainland China.

“Pig-butchering” scams contacted victims through social media or instant messaging software; after gaining their trust with false, high-return investment opportunities, the scammers absconded with the funds. The case is being jointly investigated by the Homeland Security Investigations (HSI), the FBI, the IRS-CI, and the U.S. Postal Inspection Service. If convicted, the two defendants each face up to 20 years in prison.